Meghan Markle, Prince Harry’s US move will benefit their son Archie financially

Archie Harrison Mountbatten-Windsor, the only son of Prince Harry and Meghan Markle, who stepped down as senior royals in January and struck a multi-million deal with Netflix recently, could inherit millions of tax-free money from his parents after their decision to settle down in the United States.

The Duke of and Duchess of Sussex stepped down as senior royals and first moved to Canada and then to the United States when their son Archie was less than a year old.

According to a report published by the Daily Express UK, although the inheritance tax rate in Britain and the US is same at 40 percent, but in the United States, a tax-free allowance is a whopping $11.58 million and in UK, it is that of only £325,000.

It means, if Archie was inheriting from his mom Meghan, who is a US citizen, he would automatically qualify for an $11.58 million tax exemption.

But for tax-exempted inheritance from his dad, Archie’s father Harry would need to be a US-domicile, meaning he pays taxes in America.

In addition to this whopping $11.58 million, that also includes all the money gifted during a lifetime and upon death, the duke would also be able to give his son an extra yearly sum of tax-free money that is around $15,000 per year throughout his life in the US.

Also, Archie will benefit financially in the US by earning his own, however, if he was in the UK, he had to spend his whole time doing charitable work on behalf of the royals.